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Choosing a New Current Bank Account
Mar 21st
Choosing a New Current Bank Account
A current account is an instant access bank account that is used for everyday deposits and outgoings. Most people will use a current account to receive their monthly salary, pay bills via cheque, direct debit or standing order, pay for items via a debit card and draw cash from an ATM. Some current accounts will also allow an overdraft facility and offer interest on a credit balance.
Current accounts are the most common type of bank account, and almost all banks and building societies offer them in some form. As competition for new customers is strong, many financial institutions will offer introductory incentives which range from discounted home insurance to free night club entry – so it’s a good idea to shop around for a good deal.
There are several types of current accounts to choose from, depending on lifestyle and individual circumstances:
Student Current Account: many banks offer current accounts that are tailored to the needs of students. They tend to offer low-interest overdrafts and incentives such as music vouchers, travel insurance and free DVDs and CDs.
Joint Current Account: these are perfect for couples who cohabitate and have a need for an account to pay for communal outgoings, such as bills and groceries.
Interest Bearing Current Account: some current accounts offer a higher rate of interest than others, so shop around if you want to find the best rate. Those that don’t offer overdrafts tend to have higher interest rates; however, keep in mind that if you want to earn maximum interest, a savings account will typically offer the best rates.
Internet Only Current Account: if you’re happy to bank exclusively online, than an internet only current account may offer a better rate of interest, as well as added convenience – especially if you lead a busy lifestyle. Banking online means you can check your statements, balance and other banking details from the comfort of your home, 24 hours a day.
Premier current account: if you’re in a high wage bracket, a premier current account may be right for you. They tend to charge a monthly fee, but for this you’ll receive a higher level of service and advice than from a regular account. They may also include annual travel insurance, car breakdown cover and discounts on package holidays. However, premier accounts don’t always offer the best value, as some of the freebies may not be of use to you – so it’s always worth thinking carefully as to whether you really need what they’re offering. Premier current accounts are also known as packaged accounts.
So, when looking for a new current account, make sure you choose the one that’s right for you. Take your time; ask lots of questions and shop around – this way, you’ll find the one that best matches your needs.
Andrew Regan is an online, freelance journalist.
Article from articlesbase.com
Premier League Banking; current accounts for the big boys
Mar 21st
Premier League Banking; current accounts for the big boys
Article by Paul McIndoe
A premier account is a fee paying bank account that comes with lots of additional benefits and is generally only offered to a bank’s wealthier customers. Typically these accounts have names like Gold, Premier or Platinum service accounts.Almost all banks offer some form of premier banking service to their top tier of customers. They provide a level of service and advice that is superior to that of regular free accounts. A premier banking package offers all the things you would expect to find in a basic account but with the added benefits of financial planning expertise, practical help, first class telephone service and up to the minute wealthy management solutions. With some premier accounts you will also be assigned a personal banking manager who is always contactable by phone or email for financial advice. They can save you time and hassle in dealing with any financial concerns you may have.A premier banking account also comes with many benefits not found in a regular current account. These may include features, such as an automatic interest free overdraft facility, the ability to draw money on cheques without having to wait for them to clear, telephone banking that is open 24 hours a day 7 days a week and an enhanced online banking system. Most premier bank account services also come with a host of ‘freebies’ such as free insurance, car breakdown cover and building and contents insurance. Ultimately, premier accounts are certainly not for everyone, as the monthly fees charged may not necessary outweigh the benefits gained from the account. Certainly for younger account holders who are unlikely to have much need for home insurance, a premier banking service would offer little – if any – benefit. It also must be noted that not all premier banking services are available to all customers. Some have a minimum salary threshold which you must be earning, below which you would not be eligible to join. However, for higher earning customers the advantages of having access to a financial advisor at all times of the day or night could certainly be beneficial. And with the other bonuses of cheaper or free travel insurance, home insurance and car insurance, it’s certainly worth shopping around and seeing whether a premier account could save you time and money.
About the Author
Paul McIndoe is a recent university graduate whose hobbies include water-skiing and rock climbing.
Current accounts: make the most of your banking experience
Mar 20th
Current accounts: make the most of your banking experience
Article by Andrew Regan
Current accounts provide more than just a place to keep and manage your money; they can offer a range of other benefits, including travel insurance, mobile phone insurance and car breakdown cover – enabling you to make the most of your banking experience. But with all the current account choices available, how do you pick the one that’s right for you?
When looking for a current bank account, it’s always best to do a little research first. The internet is an ideal resource by which to do this, offering comparison charts and in-depth explanations of different account types and the various benefits that each of them offers. However, while conducting your research, it’s always important to keep in mind what you hope to achieve with your current account. Are you simply looking for a place to keep your money, or are you interested in a more enhanced means of money management and support? Are you a student or a graduate who’s looking to save, or are you under 18 and looking to open your first bank account? Each variable makes a difference when it comes to finding the right bank account – so it’s important to have a clear objective in mind first.
Once you’ve gained a basic understanding of the current accounts available to you via online research, it’s a good idea to meet with an account specialist; you’ll be able to find a range of banks near you that offer comprehensive account consultations. The specialist can answer any outstanding questions you may have about opening an account, in addition to actually opening your account for you. Moreover, an account specialist can advise you on the upkeep of your account, regarding anything from getting help with queries down the line to upgrading your account in accordance with evolving financial objectives.
So whether you’re looking to open a current account simply to keep your money safe, or are interested in complimenting your money management with a range of benefits – like travel insurance, car breakdown cover or domestic emergency insurance – the solution is never far away.
Make the most of your banking experience, no matter what your financial objectives: open the current account that’s right for you!
About the Author
Andrew Regan is a freelance online journalist who travels extensively.
When are packaged current accounts a good idea?
Mar 20th
When are packaged current accounts a good idea?
Article by Julia Cook
The start of this article is going to have to be a quick explanation but before we get to that let’s have an explanation of the explanation.
Packaged current accounts have always existed but they’ve been under the radar, generally unpopular and certainly unpublicised, for years. So even though they’ve never really gone away it’s necessary to clarify what they are.
This is itself should show that packaged current accounts have the potential to confuse – and therefore be poor value – for many consumers in the UK and elsewhere.
So what is a packaged current account?
It’s an account that comes with bells and whistles – usually in the form of insurance of various kinds, car breakdown cover, VIP access or discounts on various other products.
Packaged current accounts are often called reward or ultimate current accounts and are offered by some of the biggest banks in the world including Halifax, Santander, RBS and Natwest.
UK building societies tend not to carry them as a rule which might give some indication of the fact that they’re viewed with suspicion by many consumers and even some prominent consumer groups.
When you compare current accounts you’ll be able to spot these by the fact that to pay for the bells and whistles there is often a monthly or yearly fee charged.
This fee is usually of around £5 to £15, depending on the rewards on offer.
As with balance transfer credit cards, though, packaged current accounts can often end up being more than they’re worth both in terms of cost and in terms of effort and stress.
So, to answer the title question, when are packaged current accounts a good idea?
The answer is, simply, when you can save money elsewhere on products that are included in the current account and when those products are actually useful to you.
For example, some current accounts come with a payment protection insurance policy.
Payment protection insurance or PPI is generally regarded as pretty useless when sold with many financial products and consumers are often advised to check the terms of these policies carefully before signing up.
With packaged current accounts you may not have a choice but to sign up for the insurance, even though you don’t really need it and wouldn’t buy it in the first place given the chance.
As another example, there might be a benefit to a current account that you can get elsewhere with a product you don’t want to get rid of.
For example, many use abroad credit cards come with travel accident insurance and many of these current accounts do too.
However, you might not want to ditch your use abroad credit card which could be useful elsewhere – not least, one might hope, abroad – so you’d end up with two policies which is pointless and unnecessary.
This is also the case with breakdown cover which is often included in car insurance anyway. So, in the same way, might be duplicated between products.
About the Author
Julia Cook is a staff writer for a website that covers personal finance issues in the UK. The site has tables to help users to compare current accounts and compare personal loans amongst other products.
Current Accounts: Make the Most of your Banking Experience
Mar 18th
Current Accounts: Make the Most of your Banking Experience
Current accounts provide more than just a place to keep and manage your money; they can offer a range of other benefits, including travel insurance, mobile phone insurance and car breakdown cover – enabling you to make the most of your banking experience. But with all the current account choices available, how do you pick the one that’s right for you?
When looking for a current bank account, it’s always best to do a little research first. The internet is an ideal resource by which to do this, offering comparison charts and in-depth explanations of different account types and the various benefits that each of them offers. However, while conducting your research, it’s always important to keep in mind what you hope to achieve with your current account. Are you simply looking for a place to keep your money, or are you interested in a more enhanced means of money management and support? Are you a student or a graduate who’s looking to save, or are you under 18 and looking to open your first bank account? Each variable makes a difference when it comes to finding the right bank account – so it’s important to have a clear objective in mind first.
Once you’ve gained a basic understanding of the current accounts available to you via online research, it’s a good idea to meet with an account specialist; you’ll be able to find a range of banks near you that offer comprehensive account consultations. The specialist can answer any outstanding questions you may have about opening an account, in addition to actually opening your account for you. Moreover, an account specialist can advise you on the upkeep of your account, regarding anything from getting help with queries down the line to upgrading your account in accordance with evolving financial objectives.
So whether you’re looking to open a current account simply to keep your money safe, or are interested in complimenting your money management with a range of benefits – like travel insurance, car breakdown cover or domestic emergency insurance – the solution is never far away.
Make the most of your banking experience, no matter what your financial objectives: open the current account that’s right for you!
Andrew Regan is a freelance online journalist who travels extensively.
Article from articlesbase.com
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Ultimate rewards and freebies on current bank accounts
Feb 14th
Ultimate rewards and freebies on current bank accounts
Article by Simon Duffy
I was in a bank last week waiting to pay in a cheque while the 3 cashiers attended the queue of about 10 people; so 20 minutes after looking around at all the usual 0 per cent credit card offers and low rate loans, I was surprised when the cashier asked me if I had one of their ‘new’ current accounts.
‘New’ I thought; I’d only started banking with them in the last 8 months, how could I have an old current account!? “Oh yes” said the cashier, “we have new current accounts that offer travel insurance, mobile phone insurance and motor breakdown cover.” I thought I was in a Churchill car insurance advert for a minute!
“Hhmmm, ‘new’ current account,” I thought – doesn’t this mean ‘monthly fee’ current account?? I like the way the current accounts that charge you on a monthly basis have all been named dramatically like the ‘Ultimate Reward’ or ‘Gold Rewards’ ‘Advantage’, ‘Premier’ etc, etc…But that’s all I like about them to be honest.
All the benefits or ‘Rewards’ for your monthly fee seem to include ‘* Exclusions apply’ even to things like travel insurance. ‘Worldwide annual multi-trip travel insurance for you and your family’ – read the leaflet; but then a huge ‘* Exclusions apply – please refer to the terms and conditions.’ So you have to trawl through the thousands of ‘T’s & C’s’ to make sure you don’t fall into any of the exclusions! Who honestly bothers to read absolutely everything?
I would guess that the level of insurance and motor breakdown cover you’d get with a current account doesn’t compare to the level of cover you’d receive if you bought the same mobile phone insurance, travel insurance, or motor breakdown cover as separate policies. But then again I might be wrong…
In any case I’m ceratinly not going to start paying for a banking service that I can get absolutely free without all the gimmicks of ‘freebies’ – You get nothing for free and that’s certainly the case here because you’re paying a monthly fee, so how can it be free?! One day I might take the time to actually read through all the insurance cover terms to see exactly what you get for your money I bet it’s not that much!
About the Author
Simon Duffy writes for the Financial Blog a UK Finance Blog talking about all aspects of personal finance including loans, current account and other finance related news stories!
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